According to European and Danish anti-money laundering laws (AML), all financial institutions are required to verify and collect information about politically exposed persons (PEP).
This means that institutions responsible for preventing money laundering must regularly review accounts of customers who have held high-ranking public positions in Denmark. The law also applies to their close family members, such as spouses, children, and parents, as well as close business partners.
Under the Anti-Money Laundering Act, these individuals are classified as Politically Exposed Persons (PEP) due to their influence in society. Their relatives are also considered PEP.
Politically exposed persons
Chief of staff, head of government, minister, deputy minister, or assistant minister (in Denmark: ministers and department heads)
Members of parliament or similar legislative bodies (in Denmark: members of the Folketing and Danish members of the European Parliament)
Members of governing bodies of political parties (in Denmark: main executive boards of parties represented in the Folketing)
Supreme court judges and judges at constitutional or high-ranking courts, whose decisions are only subject to further review under extraordinary circumstances (in Denmark: Supreme Court judges and Danish judges at international courts)
Members of audit courts and top management bodies of central banks (in Denmark: the board of Danmarks Nationalbank, state auditors, and the Danish member of the European Court of Auditors)
Ambassadors, chargé d'affaires, and high-ranking military officers (in Denmark: Chief of Defence and branch chiefs)
Members of administrative, executive, or supervisory bodies of state-owned enterprises (in Denmark: the board and CEO of companies where the state owns at least 50% or has control)
Directors, deputy directors, board members, or equivalent positions in international organizations
Close family member
A spouse, registered partner, cohabitant, and parents and/or children, as well as their spouses, registered partners, or cohabitants, are considered politically exposed as:
Chief of staff, head of government, minister, deputy minister, or assistant minister (in Denmark: ministers and department heads)
Members of parliament or similar legislative bodies (in Denmark: members of the Folketing and Danish members of the European Parliament)
Members of governing bodies of political parties (in Denmark: main executive boards of parties represented in the Folketing)
Supreme court judges and judges at constitutional or high-ranking courts, whose decisions are only subject to further review under extraordinary circumstances (in Denmark: Supreme Court judges and Danish judges at international courts)
Members of audit courts and top management bodies of central banks (in Denmark: the board of Danmarks Nationalbank, state auditors, and the Danish member of the European Court of Auditors)
Ambassadors, chargé d'affaires, and high-ranking military officers (in Denmark: Chief of Defence and branch chiefs)
Members of administrative, executive, or supervisory bodies of state-owned enterprises (in Denmark: the board and CEO of companies where the state owns at least 50% or has control)
Directors, deputy directors, board members, or equivalent positions in international organizations
Close business associate
A physical person who is the beneficial owner of a company or other legal entity jointly with one or more politically exposed persons.
A physical person who has a close business relationship with one or more politically exposed persons in ways other than those mentioned above.
A physical person who is the sole beneficial owner of a company or other legal entity that is known to have been established for the benefit of a politically exposed person.